Israel's Koor Industries sells NIS 400 million units

By Reshmi Basu

New York, April 11 - Koor Industries Ltd. said it has raised NIS 400 million in a private placement of units.

The company sold 800 units made up of NIS 400 million of bonds and 800,000 options to local investors.

The bonds pay interest at 3¾% and are linked to the Israeli Consumer Price Index.

Each option is exercisable through April 30, 2010 for one ordinary share at NIS 300.

Leader and Co. Investment House and Clal Finance Underwriting Ltd. were underwriters for the issue.

The proceeds will be used for the restructuring of Koor's corporate debt. The deal was upsized to NIS 400 million from NIS 250 million because of positive market response.

Koor Industries, based in Rosh Ha'ayain, is an investment holding company, focusing on high-growth, internationally oriented Israeli companies.

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